Vandivier-Coase Theorem

Having considered the Coase Thereom a bit more, I think I can phrase the principle being described better than even Coase did. I’ll call this the Vandivier-Coase Thereom: When transaction costs are sufficiently small relative to total surplus, an efficient and invariant outcome will prevail, and as transaction costs approach zero the result will become … Read more Vandivier-Coase Theorem